Monday, 17 October 2016

Developing a Good CRM Strategy

A critical part of financial success is customer relationship management or CRM. This applies to all industries. Many economists emphasize the importance of developing a good CRM strategy. Below are a few suggestions.

Understanding the target market: The first and most important step in any strategy is to know who it is being made for. As the name suggests, CRM requires building a solid relationship with customers. This can only be done when there is at least a basic understanding of one’s target market. Different industries have different markets. Businessmen should carefully understand who they are selling to and those that actually buy their specific product or service.

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Maintain adaptability through KPIs and KRAs: CRM solutions are often associated with the development of the business’ KRAs (key result areas) and KPIs (key performance indicators). The relationship implies that CRM strategies have to be adaptable. Entrepreneurs have to continually review their performances and how well they are managing their customers. Policies and procedures that are no longer helpful should be revised or removed immediately.

Think integration: Industries should consider optimizing technologies. Today’s society runs on speed and information. It is critical for clients to feel that their concerns are being handled immediately. Thus, businesses should be able to address issues as soon as they are received. This can only be done with the proper IT solutions. Companies should not only think big; they should think wide.

One good suggestion would be to seek the assistance of an expert in these kinds of procedures. Then an effective and customized CRM strategy can be formulated.

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Eddie O’Brien worked at Microsoft for more than a decade as part of its executive team. He is now the CEO of Americas of Arvato Bertelsmann, handling many areas of business success, including developing CRM solutions. To learn more, follow this Twitter account.

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